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Credit Note in GST - GST Law and Procedure [January, 2019] - GSTExtract ..... ied. The quantity received by the recipient is less than what has been declared in the tax invoice. The quality of the goods or services or both supplied is not to the satisfaction of the recipient thereby necessitating a partial or total reimbursement on the invoice value Any other similar reasons. In order to regularize these kinds of situations the supplier is allowed to issue what is called as credit note to the recipient. Once the credit note Meaning Where a tax invoice has been issued for ..... x x x x x Extracts x x x x x Credit Note in GST - GST Law and Procedure January, 2019 - GST x x x x x Extracts x x x x x ..... ar; d) date of issue; e) name, address and Goods and Services Tax Identification Number or Unique Identity Number, if registered, of the recipient; f) name and address of the recipient and the address of delivery, along with the name of State and its code, if such recipient is un-registered; g) serial number and date of the corresponding tax invoice or, as the case may be, bill of supply; h) value of taxable supply of goods or services, rate of tax and the amount of the tax credited to the recip ..... x x x x x Extracts x x x x x Credit Note in GST - GST Law and Procedure January, 2019 - GST x x x x x Extracts x x x x x ..... tax period; and b) for duplication of claims for reduction in output tax liability. The claim for reduction in output tax liability by the supplier that matches with the corresponding reduction in the claim for input tax credit by the recipient shall be finally accepted and communicated to the supplier. The reduction in output tax liability of the supplier shall not be permitted, if the incidence of tax and interest on such supply has been passed on to any other person. Where the reduction of o ..... x x x x x Extracts x x x x x Credit Note in GST - GST Law and Procedure January, 2019 - GST x x x x x Extracts x x x x x ..... ve to be retained until the expiry of seventy-two months from the due date of furnishing of annual return for the year pertaining to such accounts and records. Where such accounts and documents are maintained manually, it should be kept at every related place of business mentioned in the certificate of registration and shall be accessible at every related place of business where such accounts and documents are maintained digitally. Conclusion The credit note is therefore a convenient and legal m ..... x x x x x Extracts x x x x x Credit Note in GST - GST Law and Procedure January, 2019 - GST x x x x x Extracts x x x x x
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